Reference no: EM131187127
Note Sandra McGuire and her husband entered into a contract to purchase the inventory, equipment, accounts receivable, and name of "Becca's Boutique" from Pascal and Rebecca Tursi.
Becca's Boutique was a clothing store that was owned as a sole proprietorship by the Tursis.
The McGuires agreed to purchase the store for $75,000, with a down payment of $10,000 and the balance to be paid at a specified date in the future.
The promissory note signed by the McGuires read: "For value received, Thomas J. McGuire and Sandra A. McGuire, husband and wife, do promise to pay to the order of Pascal and Rebecca Tursi the sum of $65,000."
Is the note an order to pay or a promise to pay?
P. P. Inc. v. McGuire, 509 F.Supp. 1079, Web 1981 U.S. Dist. Lexis 17984 (United States District Court for the District of New Jersey)
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